The Loopback address 127.0.0.1 or localhost tests the functions of the NIC controller chipset. It does not test the Port function. For that you would need a loopback adaptor.
As for the NIC 'going into' the loopback address, I assume that you mean the NIC having the 127.0.0.1 address assigned to it, effectively removing itself from the network.
The loopback address is a reserved address and cannot be assigned by normal means. So it is an unlikely event to occur under normal operations. Note I do not say impossible. but it would take a direct effort to achive it.